Pensions - Articles - L&G announce €200m European pension risk transfer deal

 ASR Nederland NV, a Dutch insurer, is transferring €200 million of pension obligations to Legal & General Re (L&G Re), our global reinsurer, in cooperation with Hannover Re.

 Manfred Maske, CEO of Legal & General Re said: “Entry into the European pensions risk transfer market represents a significant milestone for L&G Re. Put together with the recent European Union announcement of full Solvency II equivalence for Bermuda this has been a terrific couple of weeks for L&G Re.”

 Legal & General Re was set up in 2014 as a reinsurance hub to grow the international pension risk transfer business. This is the first deal executed through L&G Re.

 Kerrigan Procter, Managing Director, Legal & General Retirement added: “The pension risk transfer business has become a global business for Legal & General. The potential market for pension risk transfer in the US, UK, and Europe is huge, and will play out over many decades.

 “The entry into Europe and our recent $450 million US Royal Philips transaction show case our unique one stop solutions providing our clients; pension risk transfer expertise, asset management skills, and global reinsurance capabilities.”

 In October Legal & General America announced its first pension risk transfer deal with the US subsidiary of Royal Philips for approximately $450 million. Globally as at 30 September 2015, Legal & General manages an annuity book of over £43 billion, and provides annuity benefits to over a million customers.